The opportunity presents significant upside as borrowers using Summer under the partnership navigate an average of $79,456 in student debt per person
HARTFORD, Conn.--(BUSINESS WIRE)--The Student Loan Fund and a coalition of unions, nonprofits, and government agencies working to help thousands of public service workers get their loans forgiven are partnering with Summer, a Certified B Corporation whose digital solution supports student loan borrowers, to make repayment easier for borrowers throughout Connecticut. Connecticut borrowers will now have two weeks of free access to Summer, which will help nonprofit and public sector borrowers take advantage of the limited Public Service Loan Forgiveness (PSLF) program waiver period, which expires on October 31. Connecticut borrowers participating in the partnership program with Summer hold an average of $79,456 in student loan debt per person, pointing to an important opportunity for relief.
“We’re excited to partner with Summer on behalf of Connecticut borrowers to bring awareness to PSLF and give them the tools they need to get out from under the crushing burden of student debt,” said Student Loan Fund executive director Cristher Estrada Perez. “Winning forgiveness should be easier, and we’re proud that through this partnership, it will be. But borrowers need to take action before this free option runs out on October 15th. While student debt can feel like a personal challenge, it’s a public policy problem — one that disproportionately affects Black and Brown people. We’re incredibly motivated to change that dynamic.”
The Public Service Loan Forgiveness program is for those who have been or will be employed for 10 years in a public service job, including school, nonprofit and government employees as well as some healthcare workers. Borrowers who struggle most with the burden of student debt are disproportionately from lower-income families, first generation students, and students of color, according to Brookings.
More than 113,500 Connecticut residents may be eligible — but, as of July, only 1 percent of public service workers in the state with student loan debt have had it canceled under PSLF. This 15-year old student loan forgiveness program for public service workers forgives all remaining debt at an average of $60,000 per person.
“Student loan borrowers in Connecticut are looking for a reliable source of information and financial guidance, which is exactly what our technology and trained student loan experts are here to deliver,” said Summer CEO Will Sealy. “As a trusted partner, Summer will help borrowers find and apply for the best loan assistance programs, avoid a flood of debt relief scams, and create a smart repayment strategy to achieve the financial freedom they deserve.”
To take advantage of the partnership, Connecticut borrowers can visit pslfct.org or app.meetsummer.org.
About PSLF CONNECTICUT
The PSLF Connecticut Campaign is a coalition of nonprofits, unions, and government agencies working to help thousands of public service workers get their loans forgiven.
About Student Loan Fund
Student Loan Fund is a nonprofit based in Connecticut that works to reform the student loan system and push for more debt relief. The fund hosts regular Public Service Loan Forgiveness workshops to help borrowers navigate the complex eligibility process.
Summer partners with organizations to empower their populations to navigate and reduce student loan debt through proven technologies, policy expertise and human support. Founded in 2017 by industry experts, its mission is to alleviate student loan debt for 46 million borrowers by providing leading solutions like automated digital Public Service Loan Forgiveness enrollment and loan consolidation. Summer is a Certified B Corporation. For more information, visit www.meetsummer.com.